Wednesday, September 5, 2012

The success and popularity of Bryant Park has helped the value of the surrounding real estate climb for the last 25 years. A recent transaction, reported in the real estate publication The Real Deal, indicates that the rising values show no sign of slowing, even after four years of a slow national economy. As Real Deal reports, the 11-story building located at 54 W. 40th Street, directly across from the park, was recently purchased by Eric Hadar’s Allied Partners for $32 million.

The building had been owned by Daytop Village, a drug and alcohol rehabilitation center that purchased the building in 1973 from the Overseas Press Club for $850,000, according to a New York Times article dated January 3, 1973. Daytop Village has relocated just down the street to the Spring Mill Building at 104 W. 40th Street.

Allied Partners, a New York City-based real estate investment and management firm, owns several buildings in the area, and we congratulate the company on its newest asset.

This is an excerpt from Bryant Park's weekly newsletter, MidCity News, written by Terry Benoit. MidCity News keeps park enthusiasts informed about our events, milestones, operations, and all of the detailed maintenance work that goes into caring for the park. Weekly updates are sent with our sister organizations 34th Street Partnership and Chelsea Improvement Company.

You can view this week's edition of MidCity News online, or sign up to receive it in your inbox.

2 comments:

Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards. Thank you.Glendale Real Estate